Relationship Rewards Program image

Relationship Rewards Program

By Prometheus Financial Solutions LLC

The Relationship Rate Rewards Program DNAapp allows the Financial Institution a flexible way to provide qualified accounts higher interest rate thus rewarding the customer/member for their relationship with the Financial Institution.

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Platform

DNA

Category

Analytics

Overview

The Relationship Rate Rewards Program application allows the Financial Institution a flexible way to provide qualified accounts higher interest rate "rewards accruals" calculation and processing that may be adjusted on a regular basis based on how often the customer/member utilizes certain services. has other active qualifying products linked to the tax owner, or carries certain required average balances, effectively rewarding the customer/member for their relationship with the Financial Institution.

Rather than adjusting current interest rates, the concept is to add functionality so that a portion or calculation of the account balance can have a bonus (rewards) rate applied and calculated, and paid out at desired intervals, while also working off a running rewards period (e.g. 12 months) for the rewards rate calculation and accrual.

This keeps "standard" DNA interest rate accrual, processing, and displays/communications intact and does not disrupt any part of those processes and allows a complementary layer so that the Rewards can be tracked and accumulated. This is performed while still working with certain portions of the standard processing (e.g. current interest rate for the account) in the calculations, within DNA. There is also an option to crunch data outside via a 3rd party system or calculation and bring certain information back into DNA to be used in Rewards calculations.

Benefits

  • Ability to automatically enroll a Customer/Member's Account(s) into the Rewards Program.
  • Functionality to automatically set a rewards rate for the Customer/Member's Account(s) based on multiple criteria for a set period, which includes having certain linked products and services, and be able to offer different options per product.
  • Ability to offer a rewards rate for the Customer/Members Account(s) based on activity and track separately from the account's standard interest rate.
  • In-screen (wholly within DNA) tracking of the Rewards Program at the Account level, including qualifying status indicators, rewards accrual status, and rewards payout status.
  • Capability to accumulate the rewards balance based on the rewards rate and activity or average balance calculations on the Account(s).
  • Flexibility to payout the rewards balance to the Customer/Member Accounts at set intervals.
  • Payout flexibility to a savings account or designated account.
  • Native extensibility to payout from multiple qualified accounts to one designated account.
  • Integration of 3rd party calculation processes if desired.
  • Includes full activity tracking and standard DNA authorizations methodology/setup. 

App Information

Version
1.0.0.4 - Published June 2022
Developer Website

Specs

DNAapp Type: New Batch Application

Developed with DNAcreator™

DNAX File Name: RelRateRwdsPack.dnaxp

Requirements

  • DNA 4.6.1 or higher.
  • ​Oracle 12c.
  • If the Financial Institution has the version 1.0.0.0 installed for the Relationship Rate Rewards, and are installing as an upgrade, an additional step is required.  Please see the Installation section below in this document.
  • Organizations are excluded from this application.
  • The Financial Institution must create the account level user field for the Program Status (Rewards Enrollment) and must have the specific values as defined in the processing section.  Once created, they must set the new user field code in the Rewards Enrollment Userfield institution level calculation variable and assign to the specific products.
  • The Financial Institution must create the account level user field for the Rewards Account as defined in the processing section.  Once created, they must set the new user field code in the Rewards Account Userfield institution level calculation variable and assign to the specific products.​